Like any other business, opening a new restaurant or pub will require adequate bookkeeping. In an article for the business website Chron, writer Flora Richards-Gustafson states:
“One of the most important aspects of opening a restaurant is setting up a proper bookkeeping system. Bookkeeping for a restaurant differs from other retail industries because the use and purchase of your inventory happens on a daily basis, and the units of inventory may not come prepackaged. In order to keep track of the different financial aspects of the new restaurant, it is important to update bookkeeping records on an ongoing basis.”
Stakeholders in Bristol’s leisure and tourism industry can certainly relate to the onus of getting the small and big picture of your finances. A check of the city maps within 2 miles of the Bristol Hippodrome will easily reveal dozens of dining establishments vying for everyone’s attention, and the competition may affect your business’ revenues if you don’t plan properly. As such, you need professionals at bookkeeping in Bristol, like Wormald and Partners Chartered Accountants, to help you manage your finances.
When operating a restaurant or pub, the first record to run with you bookkeeper is an inventory worksheet. Before the place goes live, extensive planning is needed to determine if the initial stock of food and drinks is enough to last for a certain period. The particulars in the food inventory sheet must include (among others) the type and sourcing cost of each item, daily running totals of each food item’s sales, and the food cost ration; the same principles apply to drinks.
As cash registers are important in calculating the day’s earnings, task your bookkeeper to prepare worksheets for each register you have. Never forget to have some petty cash ready for change.
A cashier summary worksheet will be vital in tallying your venues earnings for the day, week, and month. The bookkeeper should factor in all of the related variables for food and drinks, plus subsections for sales tax collections and credit-card transactions per company.
When your efforts are concentrated on running the restaurant or pub, it may be easy to overlook the operational expenses. A company like Wormald and Partners Chartered Accountants can help keep track of them, especially repair/maintenance expenses, insurance, loan payments, and payroll in Bristol establishments like yours.
A bookkeeping specialist will be an asset to your business. It will definitely pay to have a professional who can make sense of your business’ financials for you.
(Source: How to Open a New Restaurant With Bookkeeping, Chron.com)